Private Loans

It is important that you pursue your best borrowing option. If you meet the eligibility requirements, the federal student loan programs are almost always a better option than a private education loan. Private loans are usually more expensive than federal loans, so you and your family should consider obtaining a private loan only after exhausting your federal loan eligibility, including Federal Direct Loans (Subsidized and Unsubsidized) and Federal PLUS Loans. Learn more information about the two options at the Federal Aid First website. 

UNT Dallas does not provide a recommended lender list. 

The Federal Student Aid site includes a chart that details the differences between federal loan options and private loans. You can view that chart here

Important Private Loan Information

All alternative or private loan applications should be initiated by the borrower via the respective lender's website.

The Process

  • Apply online through the lender's website (you will receive the Application Disclosure Statement and complete the Self-Certification form). If your lender requests additional information, complete and submit any additional information to your lender and not UNTD.
  • Once your loan application is approved and your private loan promissory note has been received by your lender, your lender will then send UNTD an electronic certification request. UNTD will not be sent any information until both of these items are completed by your lender.
  • UNTD will award your private loan and email you to accept your award. After the award has been accepted, the private loan certification request will be sent to your lender for additional processing. Monitor myUNTDallas for award information.
  • Once your private loan certification has been completed, you will be notified by UNTD to complete Private Loan Counseling in your myUNTDallas. Private loan borrowers at UNTD are required to complete Private Loan Counseling annually. You must complete the counseling before UNTD can release any of your private loan funding.
  • Once your lender receives UNTD's loan certification, you will be provided an Approval Disclosure Statement by the lender.
  • Once you accept the Disclosure terms with the lender, you will receive a Final Disclosure Statement.
  • The lender will send the private loan funds to UNTD once the Right-to-Cancel waiting period has ended.
  • Private loan funds will be released to your student account only if all loan eligibility requirements are met at the time of disbursement (no earlier than 10 days before the first day of classes for that payment period), including completion of your Private Loan Counseling.

Important Tips

Below are important points for completing the application and faster processing time.

  • Use UNTD's loan periods (one application per loan period)
    • Fall/spring term: August-May
    • Fall-only term: August-December
    • Spring term: January-May
    • Summer term: May-August
  • Use E-sign if available. If you need to print, sign and submit/mail any private loan documents, be sure to send it to your lender and not UNTD.
  • The Free Application for Federal Student Aid (FAFSA) will allow you to apply for lower interest rate William D. Ford Federal Direct Stafford Loan (Direct Loan) Program loans. Student Financial Aid and Scholarships (SFAS) encourages you to complete and apply for Direct loans first. If you will not be completing a FAFSA and do not wish to apply for Direct loans, please notify our office via email,
  • If you are currently awarded aid to your Cost of Attendance through the FAFSA, you may not be eligible for the private loan you requested. 
  • Keep your personal contact information (address and phone numbers) updated with the Registrar, so SFAS can easily contact you if needed.
  • SFAS encourages you to research several lenders before applying in order to find the best loan for your circumstances as rates, fees, and repayment arrangements vary.
  • Private loan borrowers at UNTD are required to complete Private Loan Counseling annually. This requirement is a step in UNTD's Default  Aversion Plan; our goal is to ensure that each borrower understands how to manage their loan debt and the commitment that comes with the acceptance of a private student loan. Above all, borrowers must realize that private student loans require repayment, at the lender's discretion. 

Common Questions

Should I apply for federal aid first?

A: Yes, you may be eligible for grants and/or federal loans that will assist in educational expenses without having to borrow a private student loan. 

How do I know how much to borrow? 

A: Only borrow what you need. Take full advantage of awards you receive from the FAFSA, If you still have a balance after accepting all federal, state, and institutional aid, consider a payment plan prior to applying for a private student loan. Student Financial Aid & Scholarships can only award up to a student's Cost of Attendance. Feel free to review your "Shopping Sheet" on your myUNTDallas to see your Cost of Attendance. 

How should choose a lender? 

A: Choosing a lender wil be different for each student. Each lender has different criteria the applicant must meet to be approved for a private student loan. Requirements may include credit history, Satisfactory Academic Progress Status, and enrollment level. Furthermore, each lender offers differing interest rates, repayment options, and other perks.